Based on equipment type, earth moving equipment acquired the highest revenue and volume share in 2020 – 6Wresearch
Construction equipment market is buoyed by rising infrastructure development in the country. Public and private infrastructure development is registering healthy growth supported by several measures being taken by the government for development of infrastructure in India. In Union Budget 2021, the government has given a massive push to the infrastructure sector by allocating Rs. 233,083 crores to enhance the transport infrastructure across the country. The government expanded the ‘National Infrastructure Pipeline (NIP)’ to 7,400 projects. ~217 projects worth Rs. 1.10 lakh crore were completed as of 2020. through the NIP, the government invested US$ 1.4 trillion in infrastructure development as of July 2021.
According to 6Wresearch, India Construction Equipment Market volume is projected to grow at a CAGR of 23.3% during 2021-27. The renovation and expansion of existing and development of new highways, railway links, airports, schools, hotels, hospitals and other buildings are part of the government’s immediate plans. Further, the government plans on increasing the participation of the private sector in infrastructure development projects in the years to come, large scale construction for such development across the country would support the growth of construction equipment market in India.
According to Akash Sharma, Assistant Manager, 6Wresearch, “The construction sector in India is the second largest industry in the country after the agricultural sector. It accounts for about 11 percent of India’s GDP. Therefore, the sector is a key focus of the government to boost economic growth.
The demand for construction equipment is expected to grow in the coming years owing to increasing project sizes, shorter completion time, and demand for customized and multipurpose equipment by end-users. Additionally, the Indian government is focusing on strengthening of residential sector and public infrastructure, which would further propel the demand for construction equipment in coming years, Akash added.”
According to Kajal Saraswat, Research Analyst, 6Wresearch, “Based on region, eastern region of the country is expected to see the highest growth during the forecast period owing to India and Japan partnership for infrastructure development in India’s northeast states and setting up of an India-Japan Coordination Forum for Development of Northeast to undertake strategic infrastructure projects for the region.
Projects like Atal Mission for Rejuvenation and Urban Transformation (AMRUT) Project, Housing for all scheme under Pradhan Mantri Awas Yojana, development of new airports etc. would further result in the increase in demand for construction equipment.
Some of the major companies in India construction equipment market include Tata Hitachi, Hyundai, JCB, SANY, L&T and more.
“India construction equipment market (2021-2027)” report provides an in-depth analysis with 53 figures and 24 tables, covered in 133 pages. The report estimates and forecast the overall China surface disinfectant market by equipment type, products and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
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